top of page
  • Writer's pictureMacy

Surviving the pandemic – Review Your Business Model

It’s been one year since the majority of Canadian moved to remote-work condition. Looking back, our life styles change with masks in the back pocket all the time and ordering groceries and food online.

One thing I keep noticing is the restaurant scene. Slowing, one by one, the restaurants in my neighborhood close down. It’s not just restaurants, of course. The dry cleaner, the clothing shop, the small businesses that rely on foot traffic have their windows pasted with blank paper.

I was reading an article written by Peter Wells of The New York Times, Why Starting a Restaurant During the Pandemic Was a Smart Move, and recalled my partner and I had a conversation last year. The family-run Italian restaurant in front of our place put up ‘Bistro For Sale/For Rent’ after 6 months of shutdown. He stated that it would be a great timing to buy or rent a restaurant and sell take-outs and delivery only as the rent is low and there is no tables to be served.

This is exactly what has happened to these restauranters interviewed in the NYTimes article. Along the course of my learning on entrepreneurship, I was educated on the importance of business model. (Business Model Canvas) For any startup, your initial business model should not be the one and only. Pivot, fundamentally changing the direction of a business when you realize the current products or services aren’t meeting the needs of the market, is the key. Actually, for any business, Agility needs to be in your backbone. If you are standing still while everyone else is moving forward, you are left behind.

In Project Management, Agile method has been gaining more popularity over the years, as its focus are customers’ needs oriented, flexibility, and incremental values delivery. For a restaurant or any type of business, it is essential to keeps asking the questions like ‘What do my customers need right now?’ ‘What problems do they have that I can provide the solution?’ and ‘How do I adapt my products or services to the current and near-future trend?’

Macy

3 views0 comments

Comentarios


bottom of page